NPORT-EX 2 FFTFIF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1116-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
Federal
Tax-Free
Income
Fund
2
Notes
to
Schedule
of
Investments
36
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
July
31,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Management
Investment
Companies
0.0%
†
Capital
Markets
0.0%
†
a
Franklin
Municipal
Green
Bond
ETF
.....................................
83,000
$
1,968,760
Total
Management
Investment
Companies
(Cost
$2,255,733)
.....................
1,968,760
Principal
Amount
a
a
a
a
Corporate
Bonds
0.4%
Software
0.4%
b
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
35,660,000
35,505,675
Total
Corporate
Bonds
(Cost
$35,660,000)
......................................
35,505,675
Senior
Floating
Rate
Interests
0.3%
Real
Estate
Management
&
Development
0.1%
b,c
TBG
Hillcrest
Senior
II
LP
,
Delayed
Draw
Term
Loan
,
6.616
%
,
(
1-month
USD
LIBOR
+
1.55
%
),
1/01/38
...................................................
8,146,112
8,350,296
Residential
REITs
0.2%
b
Centennial
Gardens
LP
,
Delay
Draw
Term
Loan
,
6.616
%
,
1/08/24
...............
16,317,314
16,659,195
Total
Senior
Floating
Rate
Interests
(Cost
$24,463,426)
..........................
25,009,491
Municipal
Bonds
97.2%
Alabama
2.2%
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
Department
of
Public
Health
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
...........................
17,085,000
17,288,766
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
10,000,000
10,160,419
d
Black
Belt
Energy
Gas
District
,
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/26
...........................
26,090,000
25,834,376
Revenue,
2022
B-1,
Mandatory
Put,
4%,
10/01/27
.........................
32,950,000
32,537,693
Revenue,
2022
C-1,
Mandatory
Put,
5.25%,
6/01/29
........................
12,845,000
13,491,516
Revenue,
2022
F,
Mandatory
Put,
5.5%,
12/01/28
.........................
24,715,000
26,071,987
e
Revenue,
2023
D-1,
Refunding,
Mandatory
Put,
5.5%,
2/01/29
................
4,000,000
4,213,499
Chilton
County
Health
Care
Authority
,
County
of
Chilton
Sales
Tax
,
Revenue
,
2015
A
,
5
%
,
11/01/40
.....................................................
8,425,000
8,505,578
f
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
13,900,000
12,164,400
d
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................................................
14,110,000
15,194,305
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
..............
3,500,000
3,267,691
Jacksonville
Public
Educational
Building
Authority
,
Jacksonville
State
University,
Revenue,
2023
A,
AGMC
Insured,
5.25%,
8/01/53
...
8,000,000
8,684,665
Jacksonville
State
University,
Revenue,
2023
A,
AGMC
Insured,
5.5%,
8/01/58
....
2,000,000
2,195,264
d
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/31
...........................
1,000,000
974,218
Revenue,
2022
A-1,
Mandatory
Put,
5.5%,
12/01/29
........................
12,850,000
13,697,863
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,195,170
199,477,410
Alaska
0.4%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2015,
Refunding,
5.25%,
10/01/36
.............................
16,045,000
16,393,656
Revenue,
2015,
Refunding,
5%,
10/01/39
................................
12,950,000
13,140,065
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/50
...................
3,250,000
2,877,792
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
4%,
6/01/50
..................
1,535,000
1,527,856
33,939,369
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
2.4%
Arizona
Industrial
Development
Authority
,
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/32
.............
$
205,000
$
212,030
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/33
.............
220,000
227,185
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/34
.............
230,000
227,106
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/35
.............
235,000
229,364
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/36
.............
220,000
211,436
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/41
.............
720,000
651,924
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/51
.............
550,000
462,461
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/61
.............
6,050,000
4,877,981
Leman
Academy
of
Excellence
Obligated
Group,
Revenue,
2022
A,
Refunding,
4.5%,
7/01/54
........................................................
10,000,000
9,041,813
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/42
......................
9,000,000
9,247,041
d
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2022-2
,
Mandatory
Put
,
5
%
,
9/01/27
..................................................
9,000,000
9,252,237
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
15,305,710
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
25,000,000
24,864,967
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/49
........................
5,000,000
5,157,977
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
14,985,000
14,210,604
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
8,534,527
Glendale
Municipal
Property
Corp.
,
City
of
Glendale
Excise
Tax
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.............................................
15,500,000
15,513,403
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
2019
E,
4%,
1/01/45
...............
10,000,000
9,716,285
Banner
Health
Obligated
Group,
Revenue,
2019
F,
4%,
1/01/45
...............
25,000,000
24,290,713
Christian
Care
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
1/01/36
...
5,000,000
5,185,813
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
A,
Refunding,
3.6%,
2/01/40
.............
19,500,000
17,027,971
Southern
California
Edison
Co.,
Revenue,
2000
A,
Refunding,
2.4%,
6/01/35
.....
5,000,000
4,017,396
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2023
A
,
5
%
,
1/01/50
.........................................................
6,500,000
7,136,996
State
of
Arizona
,
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/32
.................
6,000,000
7,267,073
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/34
.................
5,000,000
6,206,419
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/35
.................
9,860,000
12,237,139
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/44
......................
10,000,000
10,075,235
221,388,806
Arkansas
0.1%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/44
........................
6,100,000
6,150,474
California
7.0%
f
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
17,257,146
d
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
1
%
,
12/01/37
............
11,360,000
9,524,586
d
California
Community
Choice
Financing
Authority
,
Revenue,
2022
A-1,
Mandatory
Put,
4%,
8/01/28
..........................
15,000,000
14,966,090
Revenue,
2023
A-1,
Mandatory
Put,
5%,
8/01/29
..........................
5,000,000
5,219,737
Revenue,
2023
C,
Mandatory
Put,
5.25%,
10/01/31
........................
43,250,000
45,200,912
f
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
22,400,000
18,478,311
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
17,850,000
14,724,904
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
f
California
Community
Housing
Agency,
(continued)
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
$
10,000,000
$
6,312,421
California
Statewide
Communities
Development
Authority
,
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5%,
8/15/42
........................................................
425,000
449,388
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.125%,
8/15/47
........................................................
620,000
659,167
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.25%,
8/15/52
........................................................
7,815,000
8,319,276
Enloe
Medical
Center
Obligated
Group,
Revenue,
2022
A,
AGMC
Insured,
5.375%,
8/15/57
........................................................
12,495,000
13,365,814
f
CMFA
Special
Finance
Agency
,
Latitude33,
Revenue,
144A,
2021
A-1,
3%,
12/01/56
.......................
12,000,000
7,937,962
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
5,300,000
4,366,535
f
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
20,122,611
f
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
18,772,248
Corona-Norco
Unified
School
District
,
GO,
C,
AGMC
Insured,
6.2%,
8/01/29
..................................
3,250,000
3,688,698
GO,
C,
Pre-Refunded,
AGMC
Insured,
6.8%,
8/01/39
.......................
8,500,000
9,795,080
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...............................
7,500,000
3,750,446
f
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
7,936,036
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
8,595,742
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
10,705,191
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
13,700,000
11,283,228
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
6,707,564
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
3,105,000
2,696,158
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
7,855,000
5,871,618
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
12,463,412
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
9,348,230
Waterscape
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3%,
9/01/56
......
1,670,000
1,092,723
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
15,000,000
10,832,082
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
20,102,742
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
18,839,695
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
9,000,000
9,117,818
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/30
..............
15,475,000
17,461,941
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
20,000,000
23,621,602
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
15,250,031
New
Haven
Unified
School
District
,
GO,
2009,
AGMC
Insured,
Zero
Cpn.,
8/01/31
............................
2,055,000
1,553,388
GO,
2009,
AGMC
Insured,
Zero
Cpn.,
8/01/32
............................
7,830,000
5,681,526
GO,
2009,
AGMC
Insured,
Zero
Cpn.,
8/01/33
............................
7,660,000
5,333,005
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/24
....................................
2,135,000
2,113,077
COP,
2020,
Refunding,
4%,
9/15/25
....................................
2,120,000
2,098,156
COP,
2020,
Refunding,
4%,
9/15/27
....................................
2,400,000
2,362,753
COP,
2020,
Refunding,
4%,
9/15/28
....................................
2,095,000
2,053,082
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
......
$
20,000,000
$
11,490,328
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
39,805,000
41,050,654
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
10,635,342
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
50,000,000
49,534,255
San
Mateo
Union
High
School
District
,
GO,
2011
A,
Zero
Cpn.,
9/01/33
.......................................
6,065,000
5,637,848
GO,
2011
A,
Zero
Cpn.,
9/01/41
.......................................
20,000,000
19,370,042
Santa
Ana
Unified
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/35
...........................
10,000,000
6,389,569
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
18,865,000
11,405,038
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...........................
10,000,000
5,735,463
g
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
5.02
%
,
(
3-month
USD
LIBOR
+
1.47
%
),
11/01/38
.......................................
6,000,000
5,330,785
State
of
California
,
GO
,
2002
,
NATL
Insured
,
5
%
,
10/01/32
....................
20,000
20,041
West
Contra
Costa
Unified
School
District
,
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/29
....................
10,000,000
8,226,892
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/30
....................
20,845,000
16,536,766
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/31
....................
20,000,000
15,297,458
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/32
....................
10,730,000
7,889,740
650,582,353
Colorado
2.9%
City
&
County
of
Denver
,
Airport
System,
Revenue,
1992
C,
NATL
Insured,
ETM,
6.125%,
11/15/25
.......
3,590,000
3,764,364
Airport
System,
Revenue,
2013
B,
5.25%,
11/15/33
........................
16,405,000
16,487,926
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/37
..................
10,000,000
10,423,520
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/48
..................
25,500,000
26,075,265
Airport
System,
Revenue,
2018
A,
Refunding,
5.25%,
12/01/48
...............
26,000,000
27,141,611
Airport
System,
Revenue,
2022
D,
Refunding,
5.75%,
11/15/45
...............
10,000,000
11,294,274
Airport
System,
Revenue,
2022
D,
Refunding,
5%,
11/15/53
..................
10,000,000
10,436,872
Pledged
Excise
Tax,
Revenue,
2018
A-1,
5%,
8/01/48
......................
39,690,000
40,421,102
Pledged
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/35
.................
2,000,000
1,203,528
Pledged
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/36
.................
2,500,000
1,416,375
Pledged
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/37
.................
2,455,000
1,307,607
Pledged
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/38
.................
2,000,000
1,007,418
Colorado
Educational
&
Cultural
Facilities
Authority
,
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/62
...................
2,200,000
2,057,112
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/41
......
30,505,000
31,624,250
AdventHealth
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
12,000,000
12,454,939
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
13,000,000
11,848,261
CommonSpirit
Health
Obligated
Group,
Revenue,
2022
A,
5.25%,
11/01/52
......
10,500,000
10,946,354
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
4,930,000
3,977,042
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/45
...
1,000,000
905,450
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
3,000,000
2,640,709
Eagle
River
Water
&
Sanitation
District
,
Wastewater
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
12/01/45
.....................................................
1,250,000
1,244,226
f
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,534,639
Hunters
Overlook
Metropolitan
District
No.
5
,
GO,
2019
A,
5%,
12/01/39
...........................................
750,000
720,635
GO,
2019
A,
5%,
12/01/49
...........................................
1,000,000
912,961
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.....................................
$
2,875,000
$
3,004,676
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
24,124,224
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/39
.............................................
1,000,000
989,917
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
426,528
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,150,000
962,108
263,353,893
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/40
..........
2,250,000
2,144,862
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/38
..........
2,200,000
2,124,243
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
..........
6,000,000
5,590,242
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
4%,
7/01/41
...
5,000,000
4,770,454
University
of
Hartford
(The),
Revenue,
2022
P,
5.375%,
7/01/52
...............
6,000,000
5,692,428
State
of
Connecticut
,
Special
Tax
,
2020
A
,
4
%
,
5/01/39
.......................
1,650,000
1,665,834
21,988,063
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/40
...........................
1,100,000
1,064,581
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/48
...........................
1,485,000
1,375,390
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/53
...........................
1,100,000
1,001,714
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.,
Revenue,
2021,
Refunding,
4%,
9/01/41
..........
1,600,000
1,456,878
Newark
Charter
School,
Inc.,
Revenue,
2021,
Refunding,
4%,
9/01/51
..........
3,300,000
2,799,569
7,698,132
Florida
9.1%
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
10/01/40
...........................................
2,500,000
1,989,209
Oak
Hammock
at
the
University
of
Florida
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
10/01/46
...........................................
1,750,000
1,291,965
Ave
Maria
Stewardship
Community
District
,
Special
Assessment
,
2022
A
,
Refunding
,
4
%
,
5/01/42
......................................................
5,020,000
4,300,850
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/40
................
1,840,000
1,686,069
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/50
................
1,500,000
1,278,411
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
4/01/39
......
5,000,000
5,033,909
Health
First,
Inc.
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
4/01/52
.....
10,000,000
10,349,460
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/31
......
1,500,000
1,566,886
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/32
......
1,100,000
1,144,915
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/35
......
1,000,000
1,021,055
Capital
Trust
Agency,
Inc.
,
f
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
22,800,000
18,831,386
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/31
.................
500,000
502,135
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/41
.................
325,000
302,483
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/51
.................
385,000
335,184
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/56
.................
485,000
414,043
f
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,000,000
1,342,338
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/39
.....................
$
5,000,000
$
4,919,801
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/40
.....................
5,825,000
5,686,771
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
................................
16,000,000
16,788,558
Centre
Lake
Community
Development
District
,
Special
Assessments,
Special
Assessment,
2021,
3%,
5/01/42
................
1,140,000
858,856
Special
Assessments,
Special
Assessment,
2021,
4%,
5/01/52
................
1,845,000
1,562,620
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/38
...................................................
1,105,000
1,029,881
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
...................................................
9,235,000
7,706,135
City
of
Cape
Coral
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/39
......
10,000,000
10,443,313
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
11,086,857
City
of
Fort
Myers
,
Utility
System
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
10/01/44
......
7,000,000
6,972,995
City
of
Gainesville
,
Utilities
System,
Revenue,
2017
A,
5%,
10/01/37
..........................
5,000,000
5,313,188
Utilities
System,
Revenue,
2019
A,
5%,
10/01/44
..........................
23,780,000
25,414,956
Utilities
System,
Revenue,
2019
A,
5%,
10/01/47
..........................
9,000,000
9,565,395
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/45
..
5,000,000
4,518,663
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/01/50
..
15,000,000
15,196,200
City
of
Lakeland
,
Lakeland
Regional
Health
Systems
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/15/45
.....................................................
7,300,000
7,315,485
City
of
Melbourne
,
Water
&
Sewer,
Revenue,
2000
A,
FGIC
Insured,
ETM,
Zero
Cpn.,
10/01/26
......
1,500,000
1,359,345
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn.,
10/01/26
.
4,500,000
4,045,161
City
of
Miami
Beach
,
Revenue,
2015
A,
5%,
9/01/40
........................................
11,000,000
11,290,531
Stormwater,
Revenue,
2015,
5%,
9/01/41
................................
10,000,000
10,254,027
City
of
Palmetto
,
Renaissance
Arts
and
Education,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
6/01/52
...................................................
3,000,000
2,996,477
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
........................................................
4,730,000
3,610,999
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
9/01/56
.
10,150,000
7,463,065
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/47
........................................................
5,750,000
5,497,525
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/47
........................................................
7,845,000
8,047,938
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
15,013,976
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
7/01/37
.........................................
5,000,000
5,113,882
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/35
............
755,000
446,787
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/36
............
800,000
445,225
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/37
............
800,000
418,351
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
14,031,647
County
of
Hillsborough
,
Wastewater
Impact
Fee
,
Revenue
,
2021
,
4
%
,
5/01/37
......
650,000
665,483
County
of
Lee
,
Airport
,
Revenue
,
2021
B
,
4
%
,
10/01/38
.......................
7,435,000
7,273,020
County
of
Miami-Dade
,
Aviation,
Revenue,
2014
B,
Refunding,
5%,
10/01/37
.......................
5,000,000
5,046,745
Aviation,
Revenue,
2019
A,
5%,
10/01/49
................................
11,000,000
11,300,344
Aviation,
Revenue,
2020
A,
Refunding,
4%,
10/01/41
.......................
4,950,000
4,842,093
Seaport
Department,
Revenue,
Senior
Lien,
2022
A,
Refunding,
5.25%,
10/01/52
..
6,000,000
6,298,894
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
County
of
Miami-Dade,
(continued)
Transit
System,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................
$
7,000,000
$
7,183,006
Transit
System,
Revenue,
2018,
5%,
7/01/43
.............................
10,000,000
10,550,102
Transit
System,
Revenue,
2018,
4%,
7/01/47
.............................
5,000,000
4,870,080
Transit
System,
Revenue,
2020
A,
4%,
7/01/48
...........................
5,000,000
4,826,899
Water
&
Sewer
System,
Revenue,
2019
B,
4%,
10/01/49
....................
27,500,000
26,546,600
County
of
Monroe
,
Airport,
Revenue,
2022,
5.25%,
10/01/47
................................
1,000,000
1,025,181
Airport,
Revenue,
2022,
5%,
10/01/52
..................................
1,500,000
1,500,177
County
of
Osceola
,
Transportation
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
10/01/49
...
4,500,000
4,574,363
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
1,000,000
850,744
e
Cypress
Mill
Community
Development
District
,
Special
Assessments,
Special
Assessment,
2023,
5%,
5/01/43
................
560,000
567,588
Special
Assessments,
Special
Assessment,
2023,
5%,
5/01/53
................
1,000,000
983,144
f
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
4,000,000
3,844,983
f
Epperson
North
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2018
A-1
,
5.5
%
,
11/01/39
.............................
1,500,000
1,533,550
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
.
4,165,000
4,321,095
Baptist
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/37
.
6,000,000
6,180,343
Baptist
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/40
.
4,000,000
4,077,115
Baptist
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
.
19,465,000
17,380,684
Baptist
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/50
.
18,985,000
16,429,008
Florida
Development
Finance
Corp.
,
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/35
..........
325,000
307,302
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/45
..........
600,000
501,496
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/33
....................................................
1,350,000
1,391,374
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/39
....................................................
5,350,000
5,222,358
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
7,000,000
6,426,396
Florida
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
...
1,410,000
1,142,859
Fort
Pierce
Utilities
Authority
,
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn.,
10/01/23
....................
3,060,000
3,041,097
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn.,
10/01/24
....................
2,560,000
2,452,783
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
..............
15,000,000
14,123,712
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
2,500,000
2,567,744
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,159,965
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/45
.............
1,515,000
1,516,563
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/50
.............
1,800,000
1,765,124
Hillsborough
County
Aviation
Authority
,
Revenue,
2015
A,
5%,
10/01/44
.......................................
5,000,000
5,032,825
Revenue,
2018
A,
5%,
10/01/48
.......................................
20,000,000
20,438,630
Revenue,
2018
E,
5%,
10/01/48
.......................................
5,000,000
5,109,658
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/50
.......................
$
6,500,000
$
5,840,992
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
3,698,878
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/44
................................................
6,360,000
6,095,306
f
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
27,000,000
22,140,000
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation,
2015
A,
Refunding,
AGMC
Insured,
5%,
2/01/40
...............
5,000,000
5,019,005
Tax
Allocation,
2015
A
2015
B,
Refunding,
AGMC
Insured,
5%,
2/01/44
.........
12,000,000
12,036,230
Miami-Dade
County
Expressway
Authority
,
Revenue,
2013
A,
Refunding,
5%,
7/01/29
...............................
10,000,000
10,084,038
Revenue,
2013
A,
Refunding,
5%,
7/01/32
...............................
6,375,000
6,428,574
Revenue,
A,
5%,
7/01/40
............................................
49,035,000
49,287,923
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/47
...........................
3,500,000
3,175,544
Mid-Bay
Bridge
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
10/01/40
............
5,000,000
5,023,650
Middleton
Community
Development
District
A
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
.........................................................
5,000,000
5,199,682
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien,
2019,
BAM
Insured,
5%,
10/01/44
....................
4,000,000
4,261,411
Revenue,
Senior
Lien,
2019,
5%,
10/01/49
...............................
3,635,000
3,771,905
Revenue,
Senior
Lien,
2019,
5%,
10/01/54
...............................
7,000,000
7,231,664
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/39
.....
6,000,000
6,207,632
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
5,000,000
5,150,000
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
14,000,000
14,420,000
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/41
.......................................................
3,695,000
3,325,860
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/46
.......................................................
7,570,000
6,528,965
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
B,
4%,
11/15/41
.......................................................
500,000
420,295
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
B,
5%,
11/15/42
.......................................................
1,000,000
960,455
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
B,
5%,
5/15/36
....
1,235,000
1,054,543
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
B,
5%,
5/15/41
....
5,060,000
4,034,608
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
B,
5%,
5/15/47
....
105,000
78,966
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien,
2020
A-1,
Refunding,
AGMC
Insured,
2.625%,
5/01/34
........................................................
1,200,000
1,031,500
Special
Assessment,
Senior
Lien,
2020
A-1,
Refunding,
AGMC
Insured,
2.8%,
5/01/37
........................................................
995,000
805,273
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/52
.........................................................
2,500,000
2,474,161
Reunion
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
..............................
1,250,000
1,047,897
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
.....................................
750,000
600,934
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/37
........................................................
2,350,000
2,172,154
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Sarasota
County
Health
Facilities
Authority,
(continued)
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/42
........................................................
$
1,600,000
$
1,419,770
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/47
........................................................
2,450,000
2,097,264
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
..............
600,000
602,488
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
..............
1,025,000
992,649
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
..............
1,850,000
1,656,521
Sarasota
County
Public
Hospital
District
,
Obligated
Group,
Revenue,
2022,
4%,
7/01/52
............................
15,000,000
13,959,627
Sarasota
County
Public
Hospital
District
Obligated
Group,
Revenue,
2018,
4%,
7/01/48
........................................................
10,000,000
9,372,479
School
District
of
Broward
County
,
GO
,
2022
,
5
%
,
7/01/51
.....................
26,045,000
28,037,721
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
21,508,737
South
Fork
East
Community
Development
District
,
Assessments,
Special
Assessment,
2021,
Refunding,
3%,
5/01/26
.............
100,000
97,597
Assessments,
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
.............
246,000
224,802
Assessments,
Special
Assessment,
2021,
Refunding,
3%,
5/01/38
.............
597,000
479,940
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
5,939,049
State
of
Florida
,
GO
,
2016
F
,
Refunding
,
4
%
,
6/01/37
........................
8,000,000
8,100,220
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
1,680,000
1,761,427
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,000,000
869,739
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,000,000
1,588,493
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/46
..........
5,000,000
5,220,047
Tohoqua
Community
Development
District
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.
1,175,000
934,072
Touchstone
Community
Development
District
,
Special
Assessments
,
Special
Assessment,
Senior
Lien
,
2022
A-1
,
5.5
%
,
5/01/53
.........................
1,800,000
1,879,792
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,045,955
University
of
North
Florida
Financing
Corp.
(The)
,
University
of
North
Florida
Dormitory
Facilities
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/35
............
5,000,000
5,238,141
f
Village
Community
Development
District
No.
15
,
Special
Assessment,
144A,
2023,
5%,
5/01/43
............................
1,500,000
1,523,960
Special
Assessment,
144A,
2023,
5.25%,
5/01/54
.........................
6,075,000
6,163,241
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/47
5,000,000
5,147,559
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2020
A,
Refunding,
5%,
10/15/49
.......................................................
3,000,000
3,133,527
Wildwood
Utility
Dependent
District
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
10/01/53
.
6,970,000
7,712,183
841,991,080
Georgia
4.2%
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/44
............
3,000,000
3,054,482
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/24
..
6,385,000
6,398,252
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/25
..
6,955,000
7,017,263
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
5,000,000
5,091,470
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/27
..
5,000,000
5,150,806
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
14,528,318
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
15,800,000
15,834,239
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/40
...............
29,500,000
30,194,639
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/40
..............
4,655,000
4,929,208
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
City
of
Atlanta,
(continued)
Water
&
Wastewater,
Revenue,
2018
B,
Refunding,
5%,
11/01/47
..............
$
4,845,000
$
5,077,639
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/41
...............................
50,000
48,686
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
10,393,609
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
20,000,000
18,808,440
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.,
Revenue,
2017
C,
Refunding,
4.125%,
11/01/45
.......
2,500,000
2,254,186
Oglethorpe
Power
Corp.,
Revenue,
2017
D,
Refunding,
4.125%,
11/01/45
.......
18,500,000
16,680,976
f
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
39,080,000
31,314,237
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/39
........................................................
11,420,000
11,522,467
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
7/01/46
......
15,000,000
15,230,936
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
4,713,712
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,119,757
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/28
......................................
5,000,000
5,300,436
Revenue,
2021
C,
4%,
12/01/28
.......................................
4,500,000
4,448,645
d
Revenue,
2021
C,
Mandatory
Put,
4%,
12/01/28
...........................
16,500,000
16,298,545
d
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
14,500,000
14,254,590
d
Revenue,
2022
B,
Mandatory
Put,
5%,
6/01/29
............................
10,000,000
10,337,521
d,f
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
49,155,000
47,460,534
d
Revenue,
2023
A,
Mandatory
Put,
5%,
6/01/30
............................
14,000,000
14,489,769
d
Revenue,
2023
C,
Mandatory
Put,
5%,
9/01/30
...........................
37,015,000
38,932,270
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,580,000
4,682,192
Revenue,
2021
A,
Refunding,
5%,
1/01/63
...............................
7,920,000
7,941,018
Revenue,
2022
A,
5.5%,
7/01/63
......................................
2,500,000
2,599,772
Revenue,
2023
A,
5.5%,
7/01/64
......................................
5,000,000
5,208,380
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
........................................................
10,000,000
10,006,030
392,323,024
Hawaii
1.2%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
.........................................................
25,000,000
26,317,165
State
of
Hawaii
,
Airports
System,
Revenue,
2018
A,
5%,
7/01/43
...........................
25,805,000
26,512,955
Airports
System,
Revenue,
2018
A,
5%,
7/01/48
...........................
25,450,000
25,984,486
Airports
System,
Revenue,
2022
A,
4%,
7/01/47
...........................
10,000,000
9,461,815
State
of
Hawaii
Department
of
Budget
&
Finance
,
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
Refunding,
3.2%,
7/01/39
..........
10,000,000
8,682,147
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
3.5%,
10/01/49
..................
17,035,000
14,093,796
111,052,364
Idaho
0.1%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Ltd.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/36
........................................................
4,200,000
4,369,506
St.
Luke's
Health
System
Ltd.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/37
........................................................
3,500,000
3,607,947
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Idaho
(continued)
Idaho
Health
Facilities
Authority,
(continued)
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
ID,
4%,
12/01/43
.........
$
6,000,000
$
5,858,704
13,836,157
Illinois
5.4%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.75
%
,
4/01/48
...................................................
20,000,000
21,973,142
Chicago
Midway
International
Airport
,
Revenue,
1998
C,
Refunding,
AGMC,
NATL
RE
Insured,
5.5%,
1/01/24
.........
3,500,000
3,530,058
Revenue,
Second
Lien,
2016
B,
Refunding,
5%,
1/01/46
....................
10,000,000
10,160,901
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2016
D,
5.25%,
1/01/42
............................
10,000,000
10,404,856
Revenue,
Senior
Lien,
2016
D,
5%,
1/01/47
..............................
18,000,000
18,473,294
Revenue,
Senior
Lien,
2017
D,
Refunding,
5%,
1/01/52
.....................
6,335,000
6,416,471
Revenue,
Senior
Lien,
2022
A,
5%,
1/01/55
..............................
36,500,000
37,635,128
Chicago
Park
District
,
GO,
2020
C,
BAM
Insured,
4%,
1/01/41
.................................
1,400,000
1,358,540
GO,
2020
C,
BAM
Insured,
4%,
1/01/42
.................................
4,300,000
4,137,421
GO,
2020
D,
BAM
Insured,
4%,
1/01/37
.................................
1,000,000
995,382
GO,
2020
D,
BAM
Insured,
4%,
1/01/38
.................................
1,000,000
986,467
GO,
2020
D,
BAM
Insured,
4%,
1/01/39
.................................
1,000,000
981,172
GO,
2020
F-2,
Refunding,
4%,
1/01/36
..................................
1,250,000
1,245,438
GO,
2020
F-2,
Refunding,
5%,
1/01/39
..................................
1,625,000
1,707,957
GO,
2020
F-2,
Refunding,
5%,
1/01/40
..................................
1,625,000
1,702,570
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
5
%
,
12/01/57
............................................
15,000,000
15,588,882
City
of
Chicago
,
GO
,
2023
A
,
5.5
%
,
1/01/40
...............................
2,845,000
3,106,871
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/46
......
7,000,000
6,020,136
City
of
Granite
City
,
Waste
Management
of
Illinois,
Inc.
,
Revenue
,
2002
,
1.25
%
,
5/01/27
.........................................................
5,750,000
5,158,134
Illinois
Finance
Authority
,
Bradley
University,
Revenue,
2021
A,
Refunding,
4%,
8/01/46
................
2,250,000
1,906,418
Bradley
University,
Revenue,
2021
A,
Refunding,
4%,
8/01/51
................
4,650,000
3,812,977
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/41
.........
3,480,000
2,351,302
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
3.25%,
5/15/27
........................................................
1,845,000
1,641,589
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/41
..............................
750,000
674,010
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/51
..............................
1,000,000
834,696
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/56
..............................
750,000
609,251
Mercy
Health
Corp.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
12/01/46
...
30,000,000
30,147,531
Illinois
Housing
Development
Authority
,
Revenue
,
2022
G
,
GNMA
Insured
,
5
%
,
10/01/46
........................................................
3,500,000
3,591,457
Macon
County
School
District
No.
61
Decatur
,
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/40
.......................
3,700,000
3,660,766
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/45
.......................
3,125,000
3,090,538
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
4,835,000
5,135,318
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/37
......................
10,000,000
5,426,966
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
500,000
483,652
Revenue,
2022
A,
Refunding,
4%,
12/15/47
..............................
365,000
340,466
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
36,000,000
32,847,948
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
Refunding,
AGMC
Insured,
Zero
Cpn.,
12/01/24
.........................
3,850,000
3,653,877
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Southwestern
Illinois
Development
Authority,
(continued)
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
Refunding,
AGMC
Insured,
Zero
Cpn.,
12/01/26
.........................
$
7,700,000
$
6,798,268
State
of
Illinois
,
GO,
2016,
5%,
11/01/35
.............................................
1,000,000
1,024,788
GO,
2017
A,
5%,
12/01/36
...........................................
6,070,000
6,337,258
GO,
2017
A,
4.25%,
12/01/40
.........................................
3,150,000
3,103,373
GO,
2017
D,
5%,
11/01/28
...........................................
6,425,000
6,840,644
GO,
2019
A,
5%,
11/01/28
...........................................
10,000,000
10,816,522
GO,
2019
B,
4%,
11/01/34
...........................................
2,600,000
2,632,931
GO,
2019
C,
4%,
11/01/40
...........................................
2,500,000
2,433,236
GO,
2019
C,
4%,
11/01/43
...........................................
4,190,000
3,994,317
GO,
2020,
5.75%,
5/01/45
...........................................
7,965,000
8,709,611
GO,
2020
C,
4%,
10/01/37
...........................................
3,685,000
3,650,839
GO,
2020
C,
4%,
10/01/38
...........................................
9,750,000
9,597,705
GO,
2020
C,
4%,
10/01/39
...........................................
4,585,000
4,498,454
GO,
2020
C,
4%,
10/01/41
...........................................
3,010,000
2,908,840
GO,
2021
A,
4%,
3/01/38
............................................
5,000,000
4,924,174
GO,
2021
B,
5%,
3/01/25
............................................
4,500,000
4,599,639
GO,
2022
B,
5%,
10/01/30
...........................................
14,650,000
16,209,365
GO,
2022
B,
5%,
10/01/31
...........................................
26,500,000
29,585,716
GO,
2022
C,
5%,
10/01/38
...........................................
15,000,000
16,159,330
GO,
2022
C,
5.5%,
10/01/40
.........................................
18,050,000
20,176,936
GO,
2022
C,
5.5%,
10/01/41
.........................................
10,000,000
11,106,146
GO,
2022
C,
5.5%,
10/01/44
.........................................
16,000,000
17,624,491
GO,
2023
B,
5.5%,
5/01/47
..........................................
2,500,000
2,726,954
Sales
Tax,
Revenue,
2016
C,
Refunding,
4%,
6/15/26
......................
5,000,000
5,074,355
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
A,
Pre-Refunded,
3.75%,
12/01/36
.......................................................
10,030,000
10,424,606
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
B,
Pre-Refunded,
5.75%,
12/01/36
.......................................................
785,000
797,771
f
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020
A,
Refunding,
4%,
12/01/40
...........................................
7,565,000
6,158,206
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020
A,
Refunding,
4.5%,
12/01/50
.........................................
34,795,000
26,855,633
497,561,690
Indiana
3.0%
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
7,219,316
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,128,004
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group,
Revenue,
2016
A,
5.25%,
11/15/46
.........
11,955,000
11,279,777
BHI
Senior
Living
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
............
15,000,000
13,257,159
BHI
Senior
Living
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/41
...
7,250,000
5,832,579
CHF
-
Tippecanoe
LLC,
Revenue,
2023
A,
5%,
6/01/53
.....................
2,300,000
2,333,760
CHF
-
Tippecanoe
LLC,
Revenue,
2023
A,
5.125%,
6/01/58
..................
1,650,000
1,683,740
CHF
-
Tippecanoe
LLC,
Revenue,
2023
A,
5.375%,
6/01/64
..................
6,010,000
6,126,772
Citizens
Wastewater
of
Westfield
LLC,
Revenue,
2019
A,
Refunding,
5%,
10/01/48
16,665,000
17,537,743
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012
A,
4%,
10/01/42
...............
24,690,000
24,689,143
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2014
A,
5%,
10/01/39
...............
30,000,000
30,600,498
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/43
..
7,000,000
5,235,379
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/51
..
3,000,000
2,058,218
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/37
..
5,000,000
4,005,582
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
5,000,000
4,358,936
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indiana
Finance
Authority,
(continued)
Marion
County
Capital
Improvement
Board,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/37
........................................................
$
10,000,000
$
10,308,997
Ohio
Valley
Electric
Corp.,
Revenue,
2010
B,
2.5%,
11/01/30
.................
3,925,000
3,483,330
University
of
Evansville,
Revenue,
2022
A,
Refunding,
5.25%,
9/01/57
..........
10,000,000
9,325,729
Indiana
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
4%,
1/01/42
...............................
5,860,000
5,739,944
Revenue,
2016
A,
Refunding,
5%,
1/01/42
...............................
27,290,000
27,918,390
Indiana
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
..................
6,500,000
6,386,260
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
2017
C,
Refunding,
5%,
1/01/40
...............................
23,225,000
24,721,605
Revenue,
2019
A,
4%,
2/01/44
........................................
3,000,000
2,958,756
Revenue,
2019
A,
5%,
2/01/49
........................................
41,970,000
44,092,746
274,282,363
Iowa
0.7%
Iowa
Finance
Authority
,
Iowa
Fertilizer
Co.
LLC,
Revenue,
2022,
Refunding,
5%,
12/01/50
.............
8,000,000
8,094,661
Iowa
Health
System
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
2/15/48
..
7,500,000
7,704,859
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
5/15/36
....
1,400,000
1,195,433
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
5/15/41
....
760,000
605,989
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2018
A,
5%,
5/15/48
....
3,225,000
2,403,972
d
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
4.267%,
5/15/26
.....................................
8,250,000
7,536,318
Iowa
Tobacco
Settlement
Authority
,
Revenue,
2021
A-2,
1,
Refunding,
4%,
6/01/49
............................
20,730,000
18,628,687
Revenue,
2021
B-1,
2,
Refunding,
4%,
6/01/49
...........................
21,765,000
21,556,263
67,726,182
Kansas
0.4%
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System,
Revenue,
2014
A,
Refunding,
5%,
9/01/44
....................
3,000,000
3,016,772
Utility
System,
Revenue,
2016
A,
5%,
9/01/45
............................
10,000,000
10,129,926
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/41
...................
5,000,000
5,126,323
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/46
...................
16,565,000
16,935,385
35,208,406
Kentucky
1.9%
Campbell
Kenton
&
Boone
Counties
Sanitation
District
No.
1
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/34
.............................................
4,310,000
4,425,681
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
1,442,089
City
of
Owensboro
,
Electric
Light
&
Power
System,
Revenue,
2017,
Refunding,
4%,
1/01/27
.........
1,250,000
1,284,415
Water,
Revenue,
2018,
Refunding,
BAM
Insured,
4%,
9/15/45
................
5,000,000
4,930,761
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
5
%
,
6/01/37
........
2,000,000
2,077,502
County
of
Carroll
,
Kentucky
Utilities
Co.,
Revenue,
2008
A,
Refunding,
2%,
2/01/32
..............
3,000,000
2,421,651
d
Kentucky
Utilities
Co.,
Revenue,
2016
A,
Refunding,
Mandatory
Put,
1.55%,
9/01/26
2,000,000
1,818,851
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
999,955
Eastern
Kentucky
University
,
Revenue
,
2018
A
,
4
%
,
10/01/37
..................
1,540,000
1,550,584
Fayette
County
School
District
Finance
Corp.
,
Fayette
County
School
District,
Revenue,
2015
D,
5%,
8/01/34
................
1,985,000
2,026,486
Fayette
County
School
District,
Revenue,
2018
A,
4%,
5/01/38
................
1,000,000
1,000,737
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
$
2,340,000
$
1,658,095
Kentucky
Bond
Development
Corp.
,
Revenue,
2018
A,
5%,
9/01/48
........................................
2,500,000
2,580,434
Centre
College
of
Kentucky,
Revenue,
2021,
4%,
6/01/51
....................
1,350,000
1,222,197
Transylvania
University,
Revenue,
2019
B,
4%,
3/01/49
.....................
2,500,000
2,166,914
Transylvania
University,
Revenue,
2021
A,
Refunding,
4%,
3/01/46
.............
735,000
647,665
Transylvania
University,
Revenue,
2021
A,
Refunding,
4%,
3/01/49
.............
330,000
286,033
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/49
........................
21,200,000
21,710,443
Kentucky
Municipal
Power
Agency
,
Revenue,
2015
A,
Refunding,
NATL
Insured,
5%,
9/01/42
....................
10,000,000
10,011,641
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/35
....................
7,750,000
7,907,572
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/36
....................
8,015,000
8,134,044
Revenue,
2019
A,
Refunding,
4%,
9/01/45
...............................
2,000,000
1,811,959
d
Kentucky
Public
Energy
Authority
,
Revenue,
2019
C,
Mandatory
Put,
4%,
2/01/28
...........................
37,000,000
36,663,459
Revenue,
2022
A-2,
Mandatory
Put,
4.751%,
8/01/30
.......................
5,000,000
4,804,778
Kentucky
Rural
Water
Finance
Corp.
,
Revenue
,
2001
A
,
5
%
,
2/01/26
.............
125,000
125,153
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
5%,
4/01/38
...........
2,500,000
2,619,434
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
A,
Refunding,
5%,
8/01/34
3,500,000
3,569,776
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/33
.............................................
3,000,000
3,073,399
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,439,993
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District,
Revenue,
2017
A,
4%,
5/15/48
..................
2,750,000
2,656,212
Metropolitan
Sewer
District,
Revenue,
2018
A,
Refunding,
4%,
5/15/38
..........
5,000,000
5,037,991
Louisville/Jefferson
County
Metropolitan
Government
,
Bellarmine
University,
Inc.,
Revenue,
2015,
Refunding,
5%,
5/01/31
............
2,000,000
1,973,167
Bellarmine
University,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
5/01/36
..........
2,715,000
2,571,371
Louisville
Gas
and
Electric
Co.,
Revenue,
2003
A,
Refunding,
2%,
10/01/33
......
4,000,000
3,226,851
Norton
Healthcare
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/39
...........
4,000,000
3,876,236
Morehead
State
University
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
10/01/28
...........
1,910,000
1,928,716
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
........................................................
5,700,000
5,931,773
Scott
County
School
District
Finance
Corp.
,
Scott
County
Board
of
Education
,
Revenue
,
2018
,
4
%
,
6/01/38
.........................................
1,615,000
1,621,017
Shelby
County
School
District
Finance
Corp.
,
Shelby
County
Public
School
District
,
Revenue
,
2018
,
4
%
,
8/01/38
.........................................
3,465,000
3,451,277
University
of
Kentucky
,
Revenue,
2014
A,
4%,
4/01/44
........................................
2,250,000
2,188,205
Revenue,
2018
A,
4%,
10/01/32
.......................................
4,000,000
4,066,794
University
of
Louisville
,
Revenue
,
2016
D
,
5
%
,
3/01/30
.......................
4,140,000
4,353,544
177,294,855
Louisiana
2.5%
City
of
Shreveport
,
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
10,000,000
10,216,072
Water
&
Sewer,
Revenue,
Junior
Lien,
2019
B,
AGMC
Insured,
4%,
12/01/44
.....
6,535,000
6,285,738
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
7,065,000
6,933,953
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,151,619
f
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
9,800,000
8,645,633
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
4,880,000
4,188,817
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
f
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
(continued)
Parish
of
St.
Bernard,
Revenue,
144A,
2021,
4%,
11/01/45
...................
$
2,000,000
$
1,775,056
Parish
of
St.
Charles,
Revenue,
144A,
2022,
4.5%,
11/01/47
.................
9,455,000
8,972,600
Parish
of
St.
John
the
Baptist,
Revenue,
144A,
2019,
3.9%,
11/01/44
...........
2,265,000
1,981,479
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
6,100,000
5,236,021
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
10/01/43
...
3,877,088
2,929,976
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.25%,
10/01/48
6,350,000
4,670,268
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.5%,
10/01/53
.
8,000,000
5,895,169
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
10/01/61
...
10,000,000
7,783,698
Louisiana
Public
Facilities
Authority
,
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/47
..............................................
20,000,000
20,286,632
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/51
..............................................
15,000,000
15,132,018
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/56
..............................................
11,295,000
11,367,355
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/46
27,500,000
28,001,091
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
5/15/47
..............................................
9,925,000
7,705,850
f
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
2,500,000
2,419,158
f
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
14,000,000
13,112,441
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
9,675,000
9,774,980
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................................
6,000,000
5,899,631
d
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
7,500,000
7,116,281
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/44
........................................
8,110,000
8,256,688
Revenue,
2020
E,
5%,
4/01/47
........................................
10,000,000
10,149,525
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax,
Revenue,
2020
B,
Refunding,
4%,
6/01/40
.......................
5,065,000
4,937,545
Sales
Tax,
Revenue,
2020
B,
Refunding,
4%,
6/01/41
.......................
5,165,000
5,054,508
229,879,802
Maine
0.2%
Maine
Turnpike
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.......................
15,500,000
16,280,273
Maryland
1.2%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/39
.....................
10,000,000
10,136,274
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/44
.....................
10,000,000
10,105,633
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/39
.........................
9,430,000
9,558,507
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/44
.........................
5,500,000
5,558,098
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
4.25%,
7/01/50
1,000,000
928,759
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
5%,
7/01/56
.
1,415,000
1,442,263
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
A,
5%,
11/12/28
.............
10,000,000
10,282,377
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
B,
5.25%,
6/30/52
...........
10,000,000
10,258,937
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
12,500,000
12,720,957
Adventist
Healthcare
Obligated
Group,
Revenue,
2021
B,
4%,
1/01/51
..........
23,000,000
19,671,677
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.....
3,000,000
2,888,331
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/45
..............
5,465,000
5,596,616
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/33
...............
3,205,000
3,367,435
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Town
of
Chestertown,
(continued)
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/34
...............
$
3,420,000
$
3,299,575
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/35
...............
3,555,000
3,399,462
109,214,901
Massachusetts
1.8%
Commonwealth
of
Massachusetts
,
GO,
2016
G,
4%,
9/01/42
............................................
20,000,000
19,922,588
GO,
2018
E,
5.25%,
9/01/43
.........................................
10,000,000
10,777,558
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
25,055,000
26,166,482
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
15,000,000
15,828,983
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
10,000,000
11,081,895
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
450,000
450,960
Revenue,
2002
A,
5%,
8/01/32
........................................
225,000
225,349
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
15,415,000
15,120,491
Springfield
College,
Revenue,
2021
A,
4%,
6/01/56
........................
3,000,000
2,372,539
f
Waste
Management
of
Massachusetts,
Inc.,
Revenue,
144A,
2002,
1.25%,
5/01/27
3,250,000
2,915,467
Worcester
Polytechnic
Institute,
Revenue,
2019,
5%,
9/01/59
.................
10,000,000
10,397,610
Massachusetts
Educational
Financing
Authority
,
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
2,000,000
1,865,009
Revenue,
2021
C,
3%,
7/01/51
........................................
3,200,000
2,200,973
Revenue,
Senior
Lien,
2023
B,
4.25%,
7/01/44
............................
4,500,000
4,453,699
Massachusetts
Port
Authority
,
Revenue,
2021
E,
5%,
7/01/51
........................................
24,870,000
25,904,637
Bosfuel
Corp.,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
....................
7,500,000
7,697,665
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2014-1
,
5
%
,
11/01/39
........................................................
8,185,000
8,293,431
165,675,336
Michigan
0.7%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006
B,
NATL
Insured,
5%,
7/01/36
.......................................
10,000
10,013
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
2003
A,
NATL
Insured,
5%,
7/01/34
.........................................
10,000
10,015
Michigan
Finance
Authority
,
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/36
...
1,000,000
1,004,353
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/37
...
2,000,000
1,987,013
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/38
...
1,500,000
1,478,825
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/39
...
250,000
244,385
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/40
...
2,250,000
2,174,866
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
4,000,000
3,627,979
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
2,565,000
2,631,282
Michigan
State
Building
Authority
,
Revenue
,
2013
1-A
,
Refunding
,
5.25
%
,
10/15/44
..
20,655,000
20,731,324
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
6/30/48
....
12,415,000
12,503,555
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
11/15/49
...........................................
7,000,000
6,087,647
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/50
.............................
8,665,000
8,104,402
60,595,659
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Mississippi
0.8%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2023
A
,
4
%
,
6/01/53
................................
$
6,000,000
$
5,669,460
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
4,482,278
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System,
Revenue,
2013,
AGMC
Insured,
6.875%,
12/01/40
.......................................................
3,400,000
3,430,873
f
County
of
Jackson,
Revenue,
144A,
2021,
3.625%,
11/01/36
.................
3,000,000
2,714,866
Mississippi
Home
Corp.
,
f
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
3.5%,
6/01/33
.
584,263
484,542
f
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
1,000,000
728,690
f
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
17,965,177
13,019,842
f
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B-5,
5.2%,
6/01/36
5,600,000
4,459,579
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.15%,
6/01/46
..................................................
3,464,038
2,587,428
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.65%,
6/01/62
..................................................
5,381,952
4,015,586
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/36
...
6,350,000
6,480,287
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/46
...
30,000,000
30,092,472
78,165,903
Missouri
0.8%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group,
Revenue,
2015
A,
4%,
1/01/45
..............
20,005,000
19,273,057
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
4,000,000
3,758,372
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
25,201,980
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AGMC
Insured
,
5
%
,
3/01/49
...................................
20,000,000
20,600,438
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
.....................................................
5,000,000
5,247,498
74,081,345
Montana
0.2%
Montana
Facility
Finance
Authority
,
Billings
Clinic
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
.......
10,000,000
10,242,031
Kalispell
Regional
Medical
Center
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
....................................................
6,440,000
6,497,586
16,739,617
Nebraska
0.8%
d
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
15,000,000
15,562,057
Douglas
County
Hospital
Authority
No.
2
,
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/47
.......................................
10,000,000
10,187,431
Gretna
Public
Schools
,
GO
,
2022
,
4
%
,
12/15/47
............................
12,935,000
12,907,913
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/42
.............................
10,000,000
10,146,936
Revenue,
2016
A,
Refunding,
5%,
2/01/49
...............................
10,000,000
10,133,364
Public
Power
Generation
Agency
,
Revenue,
2016
A,
Refunding,
5%,
1/01/39
...............................
7,340,000
7,557,771
Revenue,
2016
A,
Refunding,
5%,
1/01/41
...............................
5,140,000
5,272,549
71,768,021
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
0.2%
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
.............................................
$
2,775,000
$
2,790,682
City
of
Henderson
,
GO
,
2020
A-1
,
4
%
,
6/01/45
.............................
10,000,000
10,008,399
Las
Vegas
Convention
&
Visitors
Authority
,
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2018
B
,
5
%
,
7/01/43
.......................
10,000,000
10,454,197
23,253,278
New
Hampshire
0.2%
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/38
.......
4,000,000
4,008,396
University
System
of
New
Hampshire,
Revenue,
2015,
Refunding,
5%,
7/01/45
...
10,350,000
10,456,174
14,464,570
New
Jersey
3.0%
Camden
County
Improvement
Authority
(The)
,
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/62
.........................................
5,075,000
5,342,627
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
6
%
,
11/15/62
........................................................
4,000,000
4,601,633
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
18,450,000
19,376,816
New
Jersey
Transit
Corp.,
Revenue,
2022
A,
5%,
11/01/52
...................
10,000,000
10,569,922
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
4,600,000
4,878,594
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
4,800,000
5,068,583
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
14,470,970
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2021
C,
Refunding,
3.25%,
12/01/51
...........................
2,000,000
1,438,675
Revenue,
Senior
Lien,
2018
A,
4%,
12/01/33
.............................
1,335,000
1,328,027
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
6,410,000
6,117,206
Revenue,
Senior
Lien,
2023
B,
4%,
12/01/44
.............................
8,000,000
7,792,773
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2009
A,
BAM
Insured,
Zero
Cpn.,
12/15/39
.......................
35,000,000
17,396,634
Revenue,
2014
BB-1,
5%,
6/15/31
.....................................
3,000,000
3,268,892
Revenue,
2015
AA,
5%,
6/15/45
.......................................
15,000,000
15,171,937
Revenue,
2018
A,
Refunding,
5%,
12/15/36
..............................
7,000,000
7,450,043
Revenue,
2019
AA,
5.25%,
6/15/43
....................................
5,000,000
5,290,995
Revenue,
2019
BB,
5%,
6/15/33
.......................................
3,250,000
3,530,733
Revenue,
2020
AA,
5%,
6/15/35
.......................................
3,000,000
3,299,497
Revenue,
2020
AA,
5%,
6/15/37
.......................................
5,220,000
5,648,717
Revenue,
2020
AA,
5%,
6/15/38
.......................................
1,000,000
1,076,109
Revenue,
2020
AA,
5%,
6/15/39
.......................................
4,240,000
4,545,446
Revenue,
2020
AA,
5%,
6/15/40
.......................................
2,500,000
2,672,215
Revenue,
2020
AA,
5%,
6/15/45
.......................................
20,435,000
21,684,347
Revenue,
2020
AA,
4%,
6/15/50
.......................................
39,000,000
36,941,557
Revenue,
2021
A,
Refunding,
5%,
6/15/31
...............................
7,250,000
8,193,962
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
1,250,000
1,402,262
Revenue,
2022
BB,
4%,
6/15/46
.......................................
17,000,000
16,455,172
Revenue,
2022
CC,
5.5%,
6/15/50
.....................................
2,000,000
2,208,679
New
Jersey
Turnpike
Authority
,
Revenue
,
2015
E
,
5
%
,
1/01/45
.................
11,475,000
11,668,458
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
6/01/46
....
31,420,000
31,430,909
280,322,390
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Mexico
0.4%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
...................................................
$
21,800,000
$
17,253,952
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/01/46
....................................................
15,000,000
15,579,934
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/33
.
1,000,000
998,867
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/35
.
1,000,000
977,954
34,810,707
New
York
9.5%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
......................................
2,200,000
2,010,929
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
95,000
95,171
GO,
2018
E-1,
5%,
3/01/40
..........................................
3,215,000
3,423,798
GO,
2018
E-1,
5%,
3/01/41
..........................................
11,355,000
12,068,778
GO,
2022
D-1,
5.5%,
5/01/46
.........................................
2,500,000
2,843,614
GO,
2023
A-1,
4%,
9/01/46
..........................................
6,000,000
5,874,242
Metropolitan
Transportation
Authority
,
Revenue,
2012
A-1,
5%,
11/15/40
.....................................
30,000,000
29,999,976
Revenue,
2013
A,
5%,
11/15/38
.......................................
11,800,000
11,801,011
Revenue,
2013
B,
5%,
11/15/43
.......................................
8,000,000
8,000,089
Revenue,
2015
A-1,
5%,
11/15/40
.....................................
7,000,000
7,066,133
Revenue,
2015
D-1,
Refunding,
5%,
11/15/32
............................
1,250,000
1,281,807
Revenue,
2016
A-1,
5.25%,
11/15/56
...................................
15,000,000
15,165,714
Revenue,
2016
D,
Refunding,
5%,
11/15/31
..............................
1,180,000
1,223,827
Revenue,
2017
A-2,
Refunding,
5%,
11/15/26
.............................
4,425,000
4,619,990
Revenue,
2019
A-2,
5%,
11/15/45
.....................................
46,270,000
47,733,807
Revenue,
2020
A-1,
4%,
11/15/45
.....................................
10,000,000
9,484,797
Revenue,
2020
A-1,
5%,
11/15/47
.....................................
24,300,000
25,265,038
Revenue,
2020
D,
5%,
11/15/44
.......................................
50,000,000
52,379,305
Revenue,
2020
D,
4%,
11/15/50
.......................................
20,000,000
18,526,036
Revenue,
2020
E,
Refunding,
4%,
11/15/45
..............................
905,000
858,374
Revenue,
2021
A-1,
4%,
11/15/44
.....................................
6,725,000
6,420,449
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
.................................
6,000,000
5,769,161
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2015
HH,
Refunding,
5%,
6/15/39
...........
15,000,000
15,362,565
Water
&
Sewer
System,
Revenue,
2017
CC,
Refunding,
5%,
6/15/46
...........
32,500,000
33,613,414
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5.25%,
6/15/49
................
12,000,000
12,861,732
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2014
A-1,
5%,
11/01/34
......................
15,000,000
15,061,299
Future
Tax
Secured,
Revenue,
2016
E-1,
5%,
2/01/38
......................
10,000,000
10,329,106
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
11,095,000
11,646,647
Future
Tax
Secured,
Revenue,
2018
C-2,
5%,
5/01/38
......................
11,945,000
12,789,136
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/43
......................
19,800,000
19,578,684
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/47
.....................
10,000,000
9,809,659
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
10,000,000
7,322,598
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
40,000,000
45,764,588
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
24,995,000
28,656,048
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
B,
5%,
2/15/40
.........
20,000,000
20,312,384
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Refunding,
5%,
2/15/42
24,410,000
25,758,789
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
Refunding,
4%,
3/15/48
5,000,000
4,856,474
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/43
.................
10,000,000
10,490,608
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/39
.................
13,270,000
14,148,754
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
5%,
3/15/37
........
$
25,000,000
$
26,848,440
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/44
........
16,000,000
17,022,912
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
5%,
3/15/46
.................
73,125,000
77,660,395
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Pre-Refunded,
5%,
3/15/46
......
5,000
5,535
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/50
........................................
20,000,000
19,197,628
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/51
..............................
9,000,000
9,181,223
State
of
New
York
Personal
Income
Tax,
Revenue,
2022
A,
Refunding,
4%,
3/15/44
7,000,000
6,864,909
State
of
New
York
Personal
Income
Tax,
Revenue,
2022
A,
Refunding,
4%,
3/15/51
12,115,000
11,736,283
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
4
%
,
3/15/45
........................................
36,905,000
36,108,206
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/32
..........................
5,000,000
5,180,117
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/36
..........................
5,560,000
5,702,936
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
21,460,000
21,383,781
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
9,360,000
9,626,343
JFK
International
Air
Terminal
LLC,
Revenue,
2022,
5%,
12/01/33
.............
7,500,000
8,201,579
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
20,000,000
20,089,408
Revenue,
218,
4%,
11/01/47
.........................................
13,500,000
12,884,134
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2022
A,
4%,
11/15/52
.......................................
10,000,000
9,587,053
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax,
Revenue,
Senior
Lien,
2022
A,
Refunding,
5%,
5/15/57
.....................................
8,375,000
9,041,082
876,596,495
North
Carolina
0.5%
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.5
%
,
7/01/52
.........................................................
5,000,000
5,368,387
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,120,716
North
Carolina
Turnpike
Authority
,
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn.,
1/01/33
......................
25,000,000
17,378,772
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn.,
1/01/34
......................
15,000,000
10,029,539
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn.,
1/01/35
......................
15,215,000
9,716,194
44,613,608
North
Dakota
0.7%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/34
..
5,500,000
5,732,378
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/35
..
1,815,000
1,688,064
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/37
..
2,950,000
2,634,922
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/38
..
4,600,000
4,086,195
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/41
..
3,875,000
3,324,564
City
of
Horace
,
GO
,
2023
B
,
Refunding
,
5.125
%
,
7/01/25
.....................
14,500,000
14,497,271
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/44
............................
10,000,000
9,647,963
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/50
............................
9,620,000
8,884,112
University
of
North
Dakota
,
COP,
2018
A,
5%,
4/01/48
...........................................
5,500,000
5,715,536
COP,
2018
A,
5%,
4/01/57
...........................................
10,000,000
10,343,480
66,554,485
Ohio
2.0%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
3,915,000
3,596,107
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Akron
Bath
Copley
Joint
Township
Hospital
District,
(continued)
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
$
5,700,000
$
5,153,987
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric,
Revenue,
2016
A,
Refunding,
5%,
2/15/46
............
20,000,000
20,245,116
Prairie
State
Energy
Campus,
Revenue,
2015
A,
Refunding,
5%,
2/15/39
........
5,000,000
5,026,362
Prairie
State
Energy
Campus,
Revenue,
2015
A,
Refunding,
5%,
2/15/42
........
2,500,000
2,510,937
Prairie
State
Energy
Campus,
Revenue,
2019
C,
Refunding,
4%,
2/15/39
........
18,795,000
18,221,360
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
4
%
,
6/01/48
.............................................
4,505,000
4,152,270
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
6,781,310
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
7,281,632
County
of
Franklin
,
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/40
..........
10,410,000
8,639,398
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
10,000,000
10,276,375
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
A-OH,
5%,
12/01/47
.......
10,800,000
11,114,712
County
of
Hamilton
,
UC
Health
Obligated
Group
,
Revenue
,
2020
,
5
%
,
9/15/50
.....
7,500,000
7,257,213
Northeast
Ohio
Regional
Sewer
District
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/38
..
10,000,000
10,075,317
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University,
Revenue,
2021
A,
Refunding,
4%,
12/01/44
....
6,815,000
6,667,163
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,350,000
1,243,014
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,185,000
1,071,168
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,530,000
2,238,218
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
41,647,099
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2019
B,
4%,
1/01/46
..
10,000,000
9,641,276
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
640,000
591,157
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/40
855,000
772,957
184,204,148
Oklahoma
0.1%
Edmond
Public
Works
Authority
,
Revenue,
2017,
5%,
7/01/42
.........................................
4,000,000
4,240,244
Revenue,
2017,
5%,
7/01/47
.........................................
4,500,000
4,745,669
Norman
Regional
Hospital
Authority
,
Norman
Regional
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
5
%
,
9/01/45
....................................
3,500,000
3,448,320
12,434,233
Oregon
1.2%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
12,165,694
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
20,000,000
21,159,980
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/44
.........................
1,685,000
1,664,519
Port
of
Portland
,
Airport,
Revenue,
25
B,
5%,
7/01/44
....................................
2,450,000
2,537,360
Airport,
Revenue,
27
A,
5%,
7/01/38
....................................
10,000,000
10,564,326
Airport,
Revenue,
27
A,
5%,
7/01/45
....................................
10,000,000
10,419,319
Airport,
Revenue,
28,
5%,
7/01/52
.....................................
13,755,000
14,319,058
Airport,
Revenue,
29,
5.5%,
7/01/53
....................................
17,750,000
19,604,135
State
of
Oregon
,
Housing
&
Community
Services
Department,
Revenue,
2018
A,
3.6%,
1/01/33
....
5,080,000
5,114,938
Housing
&
Community
Services
Department,
Revenue,
2018
D,
3.8%,
7/01/34
....
4,695,000
4,617,820
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn.,
6/15/42
.......................................
5,900,000
2,397,825
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J,
(continued)
GO,
2018
A,
Zero
Cpn.,
6/15/43
.......................................
$
5,500,000
$
2,121,387
106,686,361
Pennsylvania
1.1%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
BAM
Insured
,
5.25
%
,
12/01/44
5,000,000
5,017,481
City
of
Philadelphia
,
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
...........
1,500,000
1,417,743
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/33
..........
4,550,000
4,651,616
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
5,000,000
4,808,413
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/31
........
395,000
359,751
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/37
........
345,000
291,827
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/56
........
3,300,000
2,360,673
Lehigh
County
General
Purpose
Authority
,
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/52
....
13,785,000
11,439,249
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/57
....
5,000,000
4,028,571
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
495,243
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
949,678
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/48
.......................................................
9,000,000
8,376,522
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Transportation,
Revenue,
2022,
5.25%,
6/30/53
..................................................
4,000,000
4,175,291
Commonwealth
of
Pennsylvania
Department
of
Transportation,
Revenue,
2022,
6%,
6/30/61
........................................................
5,000,000
5,590,369
UPMC
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
2/15/40
............
5,240,000
5,113,348
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2022-139
A
,
Refunding
,
4
%
,
10/01/37
........................................................
9,100,000
8,780,603
Pennsylvania
Turnpike
Commission
,
Revenue
,
2020
B
,
5
%
,
12/01/50
............
8,000,000
8,459,675
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AGMC
Insured
,
4
%
,
8/01/45
.......
4,000,000
3,935,500
School
District
of
Philadelphia
(The)
,
GO,
2016
F,
Refunding,
5%,
9/01/33
...................................
6,415,000
6,637,139
GO,
2016
F,
Refunding,
5%,
9/01/36
...................................
4,090,000
4,187,386
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
10,475,291
101,551,369
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/39
.................................
5,500,000
5,518,511
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
,
Revenue,
10A,
6.5%,
4/01/27
.........................................
130,000
130,277
Revenue,
15A,
6.85%,
10/01/24
.......................................
120,000
120,270
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/27
.............................
1,000,000
1,056,476
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/29
.............................
2,025,000
2,194,518
9,020,052
South
Carolina
1.8%
City
of
Rock
Hill
,
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/41
......................
7,690,000
7,839,811
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/47
......................
5,000,000
5,074,143
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
County
of
Greenwood
,
Self
Regional
Healthcare,
Revenue,
2017,
Refunding,
4%,
10/01/37
............
$
8,465,000
$
8,492,447
Self
Regional
Healthcare,
Revenue,
2017,
Refunding,
4%,
10/01/39
............
1,195,000
1,180,019
f
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,270,000
1,007,309
South
Carolina
Jobs-Economic
Development
Authority
,
f
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
23,510,000
18,804,015
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
22,470,000
17,918,367
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-2,
4.75%,
12/01/26
...........
2,115,000
1,912,798
f
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
17,900,000
11,955,954
f
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn.,
6/01/52
32,000,000
20,441,328
f
FAH
Pelham
LLC,
Revenue,
144A,
2023
A-1,
I,
6.5%,
2/01/56
................
24,865,000
24,258,025
f
FAH
Pelham
LLC,
Revenue,
144A,
2023
A-2,
I,
10%,
8/01/39
.................
770,000
740,508
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/43
......
10,000,000
10,175,558
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
......
15,000,000
15,158,062
South
Carolina
Ports
Authority
,
Revenue,
2018,
5%,
7/01/48
.........................................
10,000,000
10,210,014
Revenue,
2019
B,
5%,
7/01/54
........................................
10,365,000
10,593,063
Spartanburg
Regional
Health
Services
District
,
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/37
........................................
1,415,000
1,427,110
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/39
........................................
1,410,000
1,400,745
168,589,276
South
Dakota
0.7%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Revenue,
2015
A,
Refunding,
5%,
8/01/38
...............................
3,475,000
3,560,392
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.........
10,000,000
9,615,221
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/46
.........
36,050,000
36,663,560
Monument
Health
Obligated
Group,
Revenue,
2017,
4%,
9/01/37
..............
10,920,000
10,680,717
South
Dakota
State
Building
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/42
...
5,450,000
5,664,987
66,184,877
Tennessee
3.3%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
................................
1,000,000
1,016,327
City
of
Chattanooga
,
Electric
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
9/01/40
..........
2,750,000
2,823,975
City
of
Germantown
,
GO,
2017,
4%,
8/01/43
.............................................
2,330,000
2,322,802
GO,
2017,
4%,
8/01/45
.............................................
2,525,000
2,505,999
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
5%,
4/01/36
......
3,885,000
3,927,826
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5%,
4/01/36
........................................................
115,000
118,163
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
4%,
4/01/41
......
24,265,000
22,960,521
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
4%,
4/01/41
........................................................
735,000
743,413
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2018
A,
5%,
4/01/41
....
2,255,000
2,307,136
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2018
A,
Pre-Refunded,
5%,
4/01/41
........................................................
115,000
126,788
City
of
Knoxville
,
Wastewater
System
,
Revenue
,
2015
A
,
Refunding
,
4
%
,
4/01/42
...
5,000,000
4,954,929
City
of
Memphis
,
Electric
System,
Revenue,
2020
A,
3%,
12/01/42
..........................
2,470,000
2,058,461
Gas,
Revenue,
2017,
4%,
12/01/36
....................................
1,000,000
1,019,340
Gas,
Revenue,
2020,
3%,
12/01/42
....................................
1,000,000
833,385
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AGMC
Insured
,
3
%
,
4/01/45
......
$
1,775,000
$
1,377,595
County
of
Coffee
,
GO
,
2019
,
Refunding
,
4
%
,
6/01/44
........................
2,760,000
2,710,150
County
of
Maury
,
GO
,
2015
,
Refunding
,
4
%
,
4/01/34
.........................
1,775,000
1,786,484
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
4,954,929
Harpeth
Valley
Utilities
District
of
Davidson
and
Williamson
Counties
,
Revenue,
2014,
5%,
9/01/44
.........................................
4,400,000
4,442,693
Revenue,
2020,
4%,
9/01/50
.........................................
500,000
491,519
Industrial
Development
Board
of
The
City
of
Kingsport
Tennessee
(The)
,
Model
City
II
LP
,
Revenue
,
2009
,
GNMA
Insured
,
5.5
%
,
7/20/39
.........................
2,995,000
2,996,165
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.......................
8,500,000
8,896,684
Knox
Chapman
Utility
District
of
Knox
County
,
Revenue
,
2012
,
Refunding
,
4
%
,
1/01/40
4,000,000
3,964,628
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/01/42
....
18,000,000
18,315,904
Covenant
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/01/47
....
22,815,000
23,189,727
University
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
9/01/47
3,000,000
2,916,157
University
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
4/01/36
2,250,000
2,321,001
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
776,935
Memphis-Shelby
County
Airport
Authority
,
Revenue,
2018,
5%,
7/01/47
.........................................
11,000,000
11,222,816
Revenue,
2021
A,
5%,
7/01/45
........................................
12,235,000
12,727,297
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
.......
3,500,000
2,725,301
Blakeford
at
Green
Hills
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
.......
9,015,000
6,495,828
Trevecca
Nazarene
University,
Revenue,
2021
B,
4%,
10/01/41
...............
1,050,000
909,474
Trevecca
Nazarene
University,
Revenue,
2021
B,
4%,
10/01/51
...............
6,860,000
5,492,886
Vanderbilt
University
Medical
Center
Obligated
Group,
Revenue,
2016
A,
5%,
7/01/40
........................................................
5,000,000
5,124,424
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Electric
,
Revenue
,
2014
A
,
5
%
,
5/15/39
......................................................
4,000,000
4,035,161
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue,
2019
B,
5%,
7/01/44
........................................
20,000,000
20,914,380
Revenue,
2019
B,
4%,
7/01/49
........................................
3,000,000
2,799,243
Revenue,
2019
B,
5%,
7/01/49
........................................
17,475,000
18,139,039
Revenue,
2022
B,
5.5%,
7/01/52
......................................
2,500,000
2,738,034
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group,
Revenue,
2017
A,
5%,
5/01/36
4,000,000
4,178,110
Rhodes
College,
Revenue,
2015,
5%,
8/01/45
............................
1,700,000
1,728,008
Rhodes
College,
Revenue,
2017,
Refunding,
4%,
8/01/40
...................
3,000,000
2,890,726
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
2,015,000
1,751,216
d
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
55,000,000
58,370,334
Tennessee
Housing
Development
Agency
,
Revenue,
2013
1-C,
4%,
7/01/43
......................................
805,000
805,315
Revenue,
2017-3,
3.65%,
7/01/47
.....................................
610,000
594,163
Revenue,
2018-2,
Refunding,
3.85%,
7/01/42
.............................
1,005,000
991,849
Revenue,
2018-4,
Refunding,
4%,
7/01/43
...............................
5,745,000
5,673,016
West
Knox
Utility
District
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/41
..............
1,000,000
1,008,426
West
Wilson
Utility
District
of
Wilson
County
Tennessee
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/40
......................................................
1,545,000
1,581,694
White
House
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
1/01/34
.............
820,000
788,277
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
980,843
301,525,496
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
10.2%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
$
5,510,000
$
4,341,901
Aubrey
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
2/15/52
........
7,500,000
7,416,956
Central
Texas
Turnpike
System
,
Revenue,
2015
B,
Refunding,
5%,
8/15/37
...............................
10,000,000
10,100,915
Revenue,
2015
C,
Refunding,
5%,
8/15/37
...............................
5,000,000
5,046,407
Revenue,
2015
C,
Refunding,
5%,
8/15/42
...............................
20,000,000
20,136,200
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
19,498,892
City
of
Austin
,
Electric
Utility,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
...................
10,000,000
10,208,782
f
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.625%,
11/01/39
................................................
1,405,000
1,346,623
f
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.75%,
11/01/48
.................................................
2,450,000
2,292,123
f
City
of
Celina
,
Sutton
Fields
II
Public
Improvement
District
,
Special
Assessment
,
144A,
2019
,
4.25
%
,
9/01/49
...............................................
3,065,000
2,621,334
City
of
Corpus
Christi
,
Utility
System,
Revenue,
2023,
Refunding,
4%,
7/15/48
.....................
9,000,000
8,727,539
Utility
System,
Revenue,
Junior
Lien,
2015
A,
5%,
7/15/40
...................
13,200,000
13,481,641
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
19,000,000
19,446,466
f
City
of
Dallas
Housing
Finance
Corp.
,
DHFC
-
Dylan
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
6
%
,
12/01/62
................................
18,040,000
17,508,931
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2023
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/53
.............................................
5,000,000
5,358,903
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
9,690,195
City
of
Leander
,
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/38
..................................................
1,275,000
1,035,175
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/44
..................................................
1,460,000
1,093,769
f
City
of
Mesquite
,
Heartland
Town
Center
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5%,
9/01/43
................................................
816,000
817,579
Heartland
Town
Center
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.125%,
9/01/52
............................................
288,000
286,049
City
of
Pflugerville
,
GO
,
2023
,
4
%
,
8/01/49
................................
3,500,000
3,402,375
f
City
of
Royse
City
,
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2017,
5%,
9/15/48
........................................................
2,700,000
2,633,012
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.375%,
9/15/39
........................................................
610,000
567,087
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.5%,
9/15/48
........................................................
1,260,000
1,127,082
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.,
Revenue,
2022,
PSF
Guaranty,
4%,
8/15/42
2,150,000
2,113,113
International
Leadership
of
Texas,
Inc.,
Revenue,
2022,
PSF
Guaranty,
5%,
8/15/47
11,500,000
12,279,643
e
YES
Prep
Public
Schools,
Inc.,
Revenue,
2023,
PSF
Guaranty,
4.25%,
4/01/53
...
5,500,000
5,354,592
Comal
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/01/46
........
3,345,000
3,262,729
Community
Independent
School
District
,
GO
,
2022
B
,
PSF
Guaranty
,
4
%
,
2/15/50
...
2,750,000
2,694,244
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
First
Lien,
2021
A,
4%,
10/01/50
.....
1,640,000
1,319,857
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/32
....
90,000
101,636
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/33
....
100,000
112,669
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/34
....
100,000
112,930
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/35
....
85,000
95,186
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/36
....
85,000
94,354
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Conroe
Local
Government
Corp.,
(continued)
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/41
....
$
600,000
$
591,330
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/46
....
700,000
664,058
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/50
....
650,000
606,176
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013
D
,
Refunding
,
5.25
%
,
11/01/32
10,000,000
10,044,027
Del
Valle
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
6/15/47
......
7,500,000
7,539,235
f
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
33,600,000
24,352,148
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
15,306,357
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
20,668,622
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn.,
10/01/45
..................................
10,000,000
10,693,551
Revenue,
2018
A,
5%,
10/01/48
.......................................
7,720,000
8,089,366
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,761,793
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group
,
Revenue
,
2015
,
5
%
,
12/01/45
...........................
30,000,000
30,463,458
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
AGMC
Insured
,
3.125
%
,
11/15/56
.....................................
5,000,000
3,694,770
Harris-Waller
Counties
Municipal
Utility
District
No.
4
,
GO,
2022,
5%,
11/01/34
.............................................
795,000
817,340
GO,
2022,
5%,
11/01/38
.............................................
840,000
838,583
GO,
2022,
5.25%,
11/01/41
..........................................
1,435,000
1,442,311
GO,
2022,
5.5%,
11/01/44
...........................................
2,010,000
2,037,382
GO,
2022,
5.5%,
11/01/48
...........................................
2,645,000
2,658,944
GO,
2022,
5.5%,
11/01/48
...........................................
2,800,000
2,816,235
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2.375%,
9/01/31
..........................................
165,000
139,699
GO,
2021,
2.375%,
9/01/32
..........................................
170,000
141,590
GO,
2021,
2.375%,
9/01/33
..........................................
170,000
139,598
GO,
2021,
2.5%,
9/01/34
............................................
180,000
146,070
GO,
2021,
2.5%,
9/01/36
............................................
370,000
281,125
GO,
2021,
2.625%,
9/01/38
..........................................
385,000
277,880
GO,
2021,
3%,
9/01/41
.............................................
375,000
272,731
GO,
2021,
3%,
9/01/46
.............................................
750,000
510,844
GO,
2021,
3%,
9/01/51
.............................................
1,265,000
820,091
f
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
12,625,000
9,411,550
Lamar
Consolidated
Independent
School
District
,
GO,
2018,
PSF
Guaranty,
5%,
2/15/43
..................................
30,000,000
31,097,187
GO,
2023,
4%,
2/15/53
.............................................
5,000,000
4,819,666
e
GO,
2023
A,
PSF
Guaranty,
5%,
2/15/58
................................
7,000,000
7,525,323
e
Medina
Valley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
..
15,000,000
14,323,026
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
NCCD-Cain
Hall
Redevelopment
I
LLC,
Revenue,
2016
A-1,
5%,
4/01/46
........
6,000,000
6,149,477
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
10,000,000
9,050,000
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/39
.......................................................
5,650,000
5,347,697
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/49
.......................................................
11,470,000
10,139,650
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/54
.......................................................
230,000
199,400
Westminster
Manor,
Revenue,
2021,
4%,
11/01/49
.........................
14,400,000
11,283,271
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Newark
Higher
Education
Finance
Corp.
,
Abilene
Christian
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/57
...........................................
$
5,000,000
$
4,404,911
North
East
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
1/01/41
.........................................................
16,750,000
16,949,591
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien,
2016,
Refunding,
4%,
12/15/41
......................
10,000,000
10,029,825
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
12/15/46
......................
18,460,000
19,106,576
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/35
.........
10,000,000
10,166,359
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/38
.........
10,000,000
10,108,999
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/43
.
20,000,000
20,807,282
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/48
.
33,500,000
34,666,959
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Pre-Refunded,
6.5%,
1/01/43
..
25,000,000
26,078,575
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2017
B,
Refunding,
5%,
1/01/48
10,000,000
10,274,760
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2018,
Refunding,
5%,
1/01/48
25,250,000
26,078,119
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/37
....
7,500,000
3,707,754
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/43
....
7,500,000
2,363,129
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
6.75%,
9/01/45
......
25,000,000
31,989,377
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,081,399
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/46
......
13,705,000
11,709,532
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/51
......
3,765,000
3,109,808
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/54
......
1,035,000
840,104
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
35,039,321
San
Jacinto
River
Authority
,
Revenue,
2011,
AGMC
Insured,
5%,
10/01/32
............................
5,000,000
5,000,920
Revenue,
2011,
AGMC
Insured,
5%,
10/01/37
............................
3,000,000
2,999,962
Southwest
Higher
Education
Authority,
Inc.
,
Southern
Methodist
University
,
Revenue
,
2013
A
,
5
%
,
10/01/38
...............................................
24,380,000
24,413,679
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
B,
5%,
7/01/43
...........
10,000,000
10,396,894
CHRISTUS
Health
Obligated
Group,
Revenue,
2022
A,
4%,
7/01/53
............
3,100,000
2,909,258
CHRISTUS
Health
Obligated
Group,
Revenue,
2022
A,
5%,
7/01/53
............
15,000,000
15,656,703
Cook
Children's
Medical
Center
Obligated
Group,
Revenue,
2013
A,
Refunding,
5.25%,
12/01/39
.................................................
10,000,000
10,026,056
Texas
Health
Resources
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
2/15/41
15,165,000
15,610,898
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group,
Revenue,
1994,
FGIC
Insured,
ETM,
6%,
9/01/24
........................................................
1,825,000
1,852,882
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2023
A
,
GNMA
Insured
,
5.25
%
,
1/01/53
...................................................
14,000,000
14,564,816
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/29
................................
12,715,000
13,075,939
Revenue,
2021,
Refunding,
5%,
12/15/32
................................
10,350,000
10,749,673
Texas
Transportation
Commission
,
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/48
......
6,250,000
1,797,599
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/49
......
5,000,000
1,364,969
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/50
......
5,500,000
1,421,843
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
4%,
10/15/43
.......................................................
25,000,000
25,091,645
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2019
A,
4%,
10/15/49
.......................................................
20,000,000
19,396,456
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2022,
5%,
10/15/47
16,050,000
17,527,067
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
f
Town
of
Little
Elm
,
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/01/41
........................................................
$
708,000
$
524,573
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/47
831,000
691,909
Town
of
Ponder
,
Ponder
Public
Improvement
District
No.
1,
Special
Assessment,
2017,
5%,
9/01/45
500,000
487,579
Ponder
Public
Improvement
District
No.
1,
Special
Assessment,
2017,
5%,
9/01/47
865,000
840,933
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
4,965,329
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
3%,
8/15/41
.....................................
790,000
616,490
GO,
Sub.
Lien,
2021,
3%,
8/15/45
.....................................
615,000
461,829
GO,
Sub.
Lien,
2021,
3%,
8/15/51
.....................................
1,570,000
1,123,392
GO,
Sub.
Lien,
2022,
5.625%,
8/15/52
..................................
1,065,000
1,092,154
939,062,277
Utah
1.1%
Central
Utah
Water
Conservancy
District
,
Revenue,
2017
B,
Refunding,
4%,
10/01/37
..............................
2,600,000
2,623,365
Revenue,
2017
B,
Refunding,
4%,
10/01/38
..............................
10,000,000
10,066,271
e
City
of
Bountiful
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
7/01/53
......................
6,840,000
6,386,687
City
of
Salt
Lake
City
,
Airport,
Revenue,
2017
A,
5%,
7/01/47
..................................
11,140,000
11,339,577
Airport,
Revenue,
2018
A,
5%,
7/01/48
..................................
13,860,000
14,151,079
Airport,
Revenue,
2018
A,
5.25%,
7/01/48
...............................
10,000,000
10,403,941
Airport,
Revenue,
2021
A,
5%,
7/01/51
..................................
10,000,000
10,402,443
Jordan
Valley
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/41
6,000,000
6,001,561
University
of
Utah
(The)
,
Revenue
,
2022
A
,
5
%
,
8/01/46
......................
9,645,000
10,520,411
Utah
Infrastructure
Agency
,
Revenue,
2021,
3%,
10/15/26
........................................
550,000
525,922
Revenue,
2021,
4%,
10/15/28
........................................
350,000
343,407
Revenue,
2021,
4%,
10/15/32
........................................
540,000
522,239
Revenue,
2021,
4%,
10/15/38
........................................
500,000
442,997
Revenue,
2021,
4%,
10/15/41
........................................
1,450,000
1,231,193
Revenue,
2021,
3%,
10/15/45
........................................
2,000,000
1,343,369
Revenue,
2022,
5%,
10/15/37
........................................
1,200,000
1,214,673
Revenue,
2022,
5%,
10/15/46
........................................
3,650,000
3,509,409
Utah
Municipal
Power
Agency
,
Revenue
,
2016
B
,
5
%
,
7/01/38
..................
10,000,000
10,372,048
101,400,592
Vermont
0.1%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
5%,
11/01/49
4,000,000
4,210,606
University
of
Vermont
Health
Network
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
12/01/36
...........................................
5,000,000
5,166,968
9,377,574
Virginia
0.4%
Amelia
County
Industrial
Development
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2002
,
Refunding
,
1.45
%
,
4/01/27
......................................
2,350,000
2,128,873
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
................................................
19,000,000
20,373,789
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
70,050
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
5%,
12/31/52
3,730,000
3,837,801
Capital
Beltway
Express
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
5%,
12/31/57
6,270,000
6,435,325
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/39
........................................................
$
5,520,000
$
5,211,555
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/51
....................................................
4,000,000
3,442,823
41,500,216
Washington
2.5%
d
Align
Capital
Trust
,
Revenue
,
2020-4A
,
Mandatory
Put
,
3.75
%
,
1/01/26
...........
10,139,330
9,696,652
City
of
Seattle
,
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/36
............
22,170,000
22,560,170
Municipal
Light
&
Power,
Revenue,
2018
A,
4%,
1/01/42
.....................
10,855,000
10,878,258
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
34,480,000
32,742,715
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,005
Port
of
Seattle
,
Revenue,
2018
A,
5%,
5/01/38
........................................
15,000,000
15,478,812
Revenue,
2019,
4%,
4/01/44
.........................................
4,000,000
3,700,409
Revenue,
2021
C,
Refunding,
5%,
8/01/46
...............................
11,915,000
12,474,742
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
30,669,421
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/45
........................................................
2,610,000
2,448,654
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/29
.......................................................
250,000
271,224
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/30
.......................................................
265,000
290,059
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/33
.......................................................
250,000
273,725
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/34
.......................................................
300,000
274,963
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/40
.......................................................
870,000
843,041
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/45
.......................................................
1,200,000
1,125,300
f
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/48
.......................................................
910,000
845,796
Multicare
Health
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
4%,
8/15/41
25,000,000
23,431,380
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012
A,
5%,
10/01/42
..
10,175,000
10,125,818
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
5%,
10/01/41
..
9,685,000
9,659,135
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
10/01/41
...................................................
315,000
320,581
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
3,726,715
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.......................................
14,855,000
13,787,074
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
21,303,719
19,696,405
f
Madison
at
Rivers
Edge
Apartments
LLC,
Revenue,
144A,
2021
A,
3.65%,
1/01/37
2,965,000
2,371,480
227,697,534
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
West
Virginia
0.7%
Berkeley
County
Public
Service
Sewer
District
,
Revenue
,
2016
B
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/36
...............................................
$
1,000,000
$
1,040,448
d
West
Virginia
Economic
Development
Authority
,
Kentucky
Power
Co.
,
Revenue
,
2014
A
,
Refunding
,
Mandatory
Put
,
4.7
%
,
6/17/26
.............................
6,000,000
6,012,484
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
........................................................
13,250,000
12,735,908
Vandalia
Health,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/38
.
3,040,000
3,094,836
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/47
17,190,000
17,613,097
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/52
10,700,000
10,991,266
West
Virginia
Water
Development
Authority
,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
..............................
5,000,000
5,221,572
Revenue,
2016
A,
Refunding,
5%,
10/01/45
..............................
5,435,000
5,634,587
62,344,198
Wisconsin
3.9%
Public
Finance
Authority
,
f
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
21,085,631
16,660,906
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
3,750,000
2,873,467
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/41
.......................................................
1,205,000
1,164,271
f
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
39,000,000
31,204,064
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
5,075,000
4,170,595
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/51
........................................................
5,705,000
4,510,242
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/56
........................................................
2,250,000
1,739,046
Blue
Ridge
Healthcare
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/01/50
2,185,000
1,522,796
CFC-SA
LLC,
Revenue,
Senior
Lien,
2022
A,
5%,
2/01/62
...................
10,000,000
9,814,910
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/41
..........
1,000,000
863,088
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/61
..........
10,000,000
7,671,984
d
Duke
Energy
Progress
LLC,
Revenue,
2022
B,
Refunding,
Mandatory
Put,
4%,
10/01/30
.......................................................
2,200,000
2,223,791
EMU
Campus
Living
LLC,
Revenue,
2022
A-1,
BAM
Insured,
5.5%,
7/01/52
......
5,000,000
5,523,012
EMU
Campus
Living
LLC,
Revenue,
2022
A-1,
BAM
Insured,
5.625%,
7/01/55
....
6,620,000
7,366,982
f
FAH
Tree
House
LLC,
Revenue,
144A,
2023
A,
6.5%,
8/01/53
................
22,945,000
22,765,343
f
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
42,800,000
42,816,264
f
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
A,
3.8%,
12/01/37
24,375,000
19,509,031
f
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
22,565,000
22,213,852
f
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
B,
7.5%,
12/01/29
.....
2,645,000
2,553,135
RED
River
Valley
Alliance
LLC,
Revenue,
2021,
4%,
9/30/51
.................
730,000
602,880
RED
River
Valley
Alliance
LLC,
Revenue,
2021,
4%,
3/31/56
.................
30,185,000
24,357,267
Renown
Regional
Medical
Center
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
6/01/45
....................................................
14,000,000
12,973,692
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/39
............................................
4,755,000
4,232,891
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/41
............................................
5,145,000
4,476,781
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/46
............................................
11,980,000
10,132,291
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/51
............................................
2,000,000
1,639,561
Triad
Educational
Services,
Inc.,
Revenue,
2022,
5.25%,
6/15/52
..............
1,610,000
1,561,625
Triad
Educational
Services,
Inc.,
Revenue,
2022,
5.375%,
6/15/57
.............
1,550,000
1,520,178
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/41
............
1,280,000
1,083,727
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/51
............
10,000
7,730
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/61
............
$
6,000,000
$
4,408,366
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/41
...........................................
1,010,000
819,215
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/51
...........................................
2,185,000
1,589,640
d,f
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
...................................................
29,600,000
24,750,901
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn.,
12/15/45
........................................................
20,000,000
7,102,624
Wisconsin
Health
&
Educational
Facilities
Authority
,
Children's
Hospital
of
Wisconsin
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
15,000,000
14,630,300
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
2/15/47
........................................................
20,000,000
19,395,180
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/47
....................................................
5,200,000
3,765,806
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/57
....................................................
1,400,000
945,988
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/36
........................................................
530,000
464,507
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/41
........................................................
510,000
416,815
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/45
........................................................
475,000
370,669
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/36
........................................................
775,000
679,232
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/41
........................................................
770,000
629,310
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/45
........................................................
650,000
507,232
Thedacare,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
12/15/37
......
5,135,000
5,047,111
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/46
......
895,000
704,087
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/51
......
1,335,000
1,014,611
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/55
......
1,760,000
1,305,302
358,302,298
U.S.
Territories
3.2%
District
of
Columbia
2.2%
District
of
Columbia
,
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/24
.....................
12,120,000
12,134,894
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/25
.....................
7,000,000
7,007,638
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/26
.....................
9,950,000
9,958,522
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/42
..........
20,535,000
21,140,366
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/47
..........
25,110,000
25,719,620
Catholic
University
of
America
(The),
Revenue,
2018,
Refunding,
5%,
10/01/43
...
4,000,000
4,142,695
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/49
............
1,000,000
988,941
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/54
............
1,905,000
1,860,834
Water
&
Sewer
Authority,
Revenue,
Senior
Lien,
2018
A,
5%,
10/01/49
..........
25,000,000
26,448,560
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2018
A,
Refunding,
5%,
10/01/48
.......................
10,275,000
10,500,346
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.......................
24,750,000
25,560,337
Aviation,
Revenue,
2023
A,
Refunding,
5.25%,
10/01/53
.....................
6,000,000
6,408,663
Dulles
Toll
Road,
Revenue,
Second
Lien,
2009
C,
Pre-Refunded,
AGMC
Insured,
6.5%,
10/01/41
..................................................
25,000,000
27,695,708
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/49
........
13,555,000
12,823,773
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2021
A
,
4
%
,
7/15/43
.........................................................
$
12,775,000
$
12,842,930
205,233,827
Puerto
Rico
1.0%
HTA
HRRB
Custodial
Trust
,
Revenue,
2007
CC,
5.5%,
7/01/28
.....................................
2,500,000
2,568,998
Revenue,
2007
CC,
5.25%,
7/01/34
....................................
2,385,000
2,403,578
Revenue,
2007
CC,
5.25%,
7/01/36
....................................
11,980,000
12,084,687
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
14,485,000
14,541,237
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
2,725,000
2,748,812
Revenue,
2007
N,
5.25%,
7/01/39
.....................................
87,512
88,393
PR
Custodial
Trust
,
Revenue
,
2002
A
,
5.5
%
,
7/01/29
.........................
3,460,015
3,414,116
Puerto
Rico
Electric
Power
Authority
,
h
Revenue,
2012
A,
5%,
7/01/42
........................................
18,925,000
7,096,875
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
5,780,000
5,705,353
h
Revenue,
XX,
5.25%,
7/01/40
........................................
15,000,000
5,625,000
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
698,767
688,285
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
454,104
289,423
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
776,785
489,371
h
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
3,500,000
2,450,000
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
27,576,000
26,907,654
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
5,593,000
5,279,883
92,381,665
Total
U.S.
Territories
....................................................................
297,615,492
Total
Municipal
Bonds
(Cost
$9,253,320,982)
...................................
8,966,367,004
Total
Long
Term
Investments
(Cost
$9,315,700,141)
.............................
9,028,850,930
a
a
a
a
a
Short
Term
Investments
1.8%
Municipal
Bonds
1.8%
Arizona
0.0%
†
i
Maricopa
County
Pollution
Control
Corp.
,
Arizona
Public
Service
Co.
,
Revenue
,
2009
D
,
Refunding
,
Daily
VRDN
and
Put
,
4.1
%
,
5/01/29
.........................
1,100,000
1,100,000
Colorado
0.0%
†
i
City
&
County
of
Denver
,
COP,
2008
A-1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4.6%,
12/01/29
..................................................
3,025,000
3,025,000
COP,
2008
A-2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4.6%,
12/01/29
..................................................
200,000
200,000
3,225,000
Georgia
0.1%
i
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
4.55
%
,
9/01/37
.....................
10,100,000
10,100,000
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Louisiana
0.2%
i
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-1
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
4.53
%
,
5/01/43
$
20,100,000
$
20,100,000
Maryland
0.1%
i
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.5
%
,
11/01/37
........................................................
8,600,000
8,600,000
Michigan
0.0%
†
i
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
4.4
%
,
12/01/24
...
100,000
100,000
Minnesota
0.1%
i
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
4.45
%
,
11/15/48
....
12,000,000
12,000,000
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2008
B
,
SPA
Northern
Trust
Co.
(The)
,
Daily
VRDN
and
Put
,
4
%
,
11/15/38
.........................................
1,200,000
1,200,000
13,200,000
New
York
0.6%
i
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
4.18
%
,
10/01/46
...........
12,150,000
12,150,000
i
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4.5
%
,
1/01/34
2,460,000
2,460,000
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2022
DD,
Refunding,
Daily
VRDN
and
Put,
4.18%,
6/15/33
........................................................
12,320,000
12,320,000
Water
&
Sewer
System,
Revenue,
BB-1A,
SPA
State
Street
Bank
&
Trust
Co.,
Daily
VRDN
and
Put,
4.5%,
6/15/49
.......................................
29,100,000
29,100,000
56,030,000
North
Carolina
0.3%
i
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2007
C,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4.55%,
1/15/37
..........................
13,500,000
13,500,000
Atrium
Health
Obligated
Group,
Revenue,
2018
G,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4.55%,
1/15/48
.................................
9,800,000
9,800,000
Atrium
Health
Obligated
Group,
Revenue,
2018
H,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4.55%,
1/15/48
.................................
5,000,000
5,000,000
28,300,000
Ohio
0.0%
†
i
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
4.45
%
,
6/01/34
.................
700,000
700,000
Pennsylvania
0.1%
i
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
4.35
%
,
12/01/37
...............................................
4,005,000
4,005,000
Tennessee
0.2%
i
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4.5
%
,
6/01/42
....................................
13,800,000
13,800,000
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
35
See
Abbreviations
on
page
38
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Wisconsin
0.1%
i
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
Health,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
Daily
VRDN
and
Put
,
4.45
%
,
4/01/35
......
$
6,400,000
$
6,400,000
Total
Municipal
Bonds
(Cost
$165,660,000)
.....................................
165,660,000
Total
Short
Term
Investments
(Cost
$165,660,000
)
...............................
165,660,000
a
Total
Investments
(Cost
$9,481,360,141)
99.7%
..................................
$9,194,510,930
Other
Assets,
less
Liabilities
0.3%
.............................................
27,585,837
Net
Assets
100.0%
...........................................................
$9,222,096,767
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
f
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2023,
the
aggregate
value
of
these
securities
was
$839,403,191,
representing
9.1%
of
net
assets.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
36
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
Affiliated
Management
Investment
Companies 
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows: 
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$
1,981,210
$
—
$
—
$
—
$
(12,450)
$
1,968,760
83,000
$
17,035
Total
Affiliated
Securities
...
$1,981,210
$—
$—
$—
$(12,450)
$1,968,760
$17,035
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
1,968,760
$
—
$
—
$
1,968,760
Corporate
Bonds
........................
—
—
35,505,675
35,505,675
Senior
Floating
Rate
Interests
...............
—
—
25,009,491
25,009,491
Municipal
Bonds
.........................
—
8,966,367,004
—
8,966,367,004
Short
Term
Investments
...................
—
165,660,000
—
165,660,000
Total
Investments
in
Securities
...........
$1,968,760
$9,132,027,004
$60,515,166
$9,194,510,930
3.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
38
Quarterly
Schedule
of
Investments
Abbreviations
Currency
USD
Un
ited
States
Dollar
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.